First HoldCo Plc has announced a 25% oversubscription of its recently concluded N150 billion rights issue, underscoring strong investor confidence and setting the stage for a planned N350 billion private placement.
The oversubscription reflects significant market interest in the financial holding company’s growth strategy and reinforces momentum as the group prepares for the next phase of capital raising.
In a statement, the Group Chief Executive Officer of First HoldCo, Nnamdi Okonkwo, highlighted the strategic importance of the capital raise.
“This capital raise will empower the group to strengthen its position in the market, invest in innovation, and drive sustainable growth in FirstBank, our flagship subsidiary,” Okonkwo said.
He extended appreciation to the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for their support in maintaining the integrity of the process and ensuring compliance with market regulations.
“We are excited about the opportunities ahead and remain committed to optimising value for our shareholders,” he added.
Chairman of First HoldCo Plc, Mr Femi Otedola, also expressed gratitude to shareholders and stakeholders for their strong participation in the rights issue.
“On behalf of the Board of Directors, I extend my heartfelt gratitude to all our shareholders and stakeholders involved in this successful rights issue offer. The strong participation reflects collective belief in First HoldCo and its bright future,” Otedola stated.
He further acknowledged the role of regulators in ensuring a transparent and compliant process.
“We also wish to acknowledge our regulators, the Central Bank of Nigeria and the Securities and Exchange Commission, for their guidance and support throughout the process,” he said.
Otedola confirmed that the next phase of the capital raise, a private placement of up to N350 billion, will proceed in line with the overwhelming support granted by shareholders at the company’s 12th Annual General Meeting (AGM) on November 14, 2024.
“We further solicit the support of all stakeholders as we embark on this next phase of growth,” he added.
The successful rights issue and the upcoming private placement are expected to bolster First HoldCo’s financial capacity, enhance its competitive edge, and reinforce its leadership within the Nigerian financial sector.
First HoldCo Plc is one of Africa’s largest financial services groups, offering a wide range of products and services through its subsidiaries in commercial banking, asset management, capital markets, trusteeship, and insurance broking. The group serves millions of customers, maintaining a strong presence in Nigeria and across key African markets.
